IVRCL rises 5% on buzz of open offer by Essel Group

IVRCL is trading higher by 5% at Rs 74.25 on reports that the Subhash Chandra-controlled Essel, which is now the largest shareholder in IVRCL, has offered to buy out promoter Sudhir Reddy's stake at Rs 90 per share.

On March 4, Essel Group bought additional 2.08% stake in infrastructure firm, surpassing IVRCL promoters Sudhir Reddy and his associates who own just 11.2%. it Essel Group now holds a 12.3% stake in the company, up from 4.9% just a couple of weeks ago.

A combined 1.9 million shares have changed hands on the counter on opening deals on both the exchanges.